Posted on 09/03/2005 6:37:01 PM PDT by madison10
Levee Board to borrow to pay settlement
$11.2 million for spillway heirs Sunday, August 21, 2005
By Frank Donze
Staff writer
Taking its biggest step yet to resolve a fiscal dilemma that has lingered for decades, the Orleans Levee Board is moving forward with plans to borrow $11.2 million to pay a court-ordered settlement with owners of land inside the mineral-rich Bohemia Spillway.
Details of the financial transaction -- including the nature of the loan, the interest rate and how long it will take to retire the debt -- will be worked out in the next several months by a board consultant.
But the board's unanimous decision Wednesday to borrow the money appears to set the stage for an end game to the Bohemia saga that began in 1924 when the Legislature instructed the agency to assume control of the 30,000-acre tract to use as a flood protection zone....
(Excerpt) Read more at nola.com ...
Maybe they ought to sell their private jet first.
Nah, what am I thinking?
Why not sell the Casino they bought or the Private Plane with money designated to improve the levees?
In Anthony L. Vogt, et al. (Plaintiffs-Appellants) vs. Board of Commissioners of the Orleans Levee District, and James Huey (Defendants-Appellees) as found at:
U.S. Court of Appeals - Fifth Circuit
About 2/3 down the page in the section titled "Source of the levee district's funding" in paragraph 6 it is stated:
"With regard to the more general question of the levee district's budget, the Orleans Levee District receives very little funding from the state. The levee district generates its own revenues from the Lakefront airport, a casino, leases of property, fees from boatslips and marinas, and taxes. The district also receives income from various investment accounts currently worth $57 million. The levee board does not dispute these facts. At oral argument, counsel for the levee board pointed out that the district receives some state funds, even though they are usually in the form of capital outlays dedicated to specific projects. Because the state funds are already earmarked for other purposes, the state monies cannot be used to pay a judgment against the levee district. See Hudson, 174 F.3d at 688-89."
GOOD POST!
I note the date: August 21, 2005.
Did you pick this up on Cavuto's show this morning on Fox? I've been looking all day for more information on this. Is there a thread I missed on this?
No, I went looking for info on the Levee Board after reading the post about Cavuto's show in a thread. I cannot tell you which thread, though.
I might have. I just have a legal pad here with notes of things I hear on the TV but I do not jot down where and when I heard them. I should start doing that!
Link found here
I threw this story up on a thread here somewhere this morning, but this is the first I've seen of anyone picking up on it. Thanks.
Read the Louisiana Weekly May 2001
Well someone posted proof of the transfer of funds to operate a Casino...can some come up with proof of the ownership of a private jet by the OLD?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.